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Shoosmiths launches Home Protection Trusts; LEGAL & FINANCE.

Householders are being urged to change the way they own their homes if they are to provide for their children.

Law firm Shoosmiths has launched a new product to enable home owners to protect their assets for future generations.

Its Home Protection Trust alters the way in which people own homes. A couple would go from being joint tenants to tenants in common, and form a simple trust as part of their will.

"By doing that," said private client lawyer Susan Sorrie, "you guarantee 50 per cent of the value of your home is ring-fenced and passed to your children."

And as well as looking after future generations, Home Protection Trusts care for surviving partners.

Ms Sorrie, an estates and trusts specialist, explained: "A notice is prepared to 'sever' the joint tenancy, and, in their wills, partners leave their half of the home to their family through a life interest trust, which is limited to permanent residence for the surviving partner.

"On the death of the first partner nothing changes, with the surviving partner continuing to live in the home or, if they wish, moving.

"However, if and when long-term care becomes necessary and the home is sold, only 50 per cent of the value of the property belongs to the survivor and can be used to pay for ongoing care. The remaining 50 per cent of the property passes to the children."
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Publication:The Birmingham Post (England)
Date:Oct 17, 2008
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